Kora

Businesses in our portfolio operate in growing niches, offer superior products and services, sustain competitive advantages over time, and generate significant free cash flow as they scale. We want to spend our time building meaningful relationships with quality people. We back teams with high integrity, strong operating histories, and strategic visions that align with our values as shareholders. This matters practically because, over time, the capital allocation choices of our portfolio company management teams will outweigh the consequences of our initial investment decision. We back franchise businesses. We seek to invest in companies with dominant positions addressing large end markets in which they can continue to gain share for many years. In emerging markets today, we believe some of the most valuable franchises of the coming decades are being built in internet and financial services. We look for value. Value is a combination of the purchase price of a business and its ability to sustainably grow while judiciously investing its free cash flow. Attractive returns on incremental invested capital and strong free cash flow generation are the most important financial metrics we evaluate to determine the strength of a franchise and its suitability for our portfolio.